Originally published at Future Trends.
Welcome to another issue of our new India x Cleantech series! On a monthly basis, we bring together news from all cleantech industries in India into one concise review article about the country.
Clean technology investments
M&A activity resumes in Indian rooftop solar market
Amplus Energy, a rooftop solar power developer backed by Malaysian oil and gas giant Petronas, is reportedly in talks with ReNew Power to acquire its rooftop solar power portfolio. Amplus has a portfolio of 800 megawatts while ReNew Power, which is among the leaders in large-scale solar and wind power, has a 140 megawatt rooftop solar power portfolio. Another rooftop solar company on the M&A radar is Fourth Partner Energy. The company has a portfolio of 400 megawatts and serves commercial and industrial consumers. He is seeking to raise $ 150 million through the sale of shares to SHV Energy of the Netherlands and the National Investment and Infrastructure Fund of India.
World Bank Provides $ 100 Million Credit Guarantee for Rooftop Solar Power in India
The World Bank will provide financial assistance of $ 648 million for the installation of rooftop solar power projects in the small and medium enterprise segment. This package includes a credit guarantee system valued at $ 100 million. Aid will be provided through the State Bank of India, the country’s largest commercial bank. The program will target small and medium-sized enterprises that generally do not meet the lending criteria of funding institutions. This is the second collaboration between the World Bank and the State Bank of India. The World Bank launched a $ 648 million rooftop solar energy market loan program in 2016.
Adani Green Energy purchases 300 megawatts of operational solar projects
Adani Green Energy is looking to acquire a 250 megawatt solar power project from another private Indian renewable energy developer. The project is located in the northern state of Rajasthan and was commissioned by Hero Future Energies. The project has entered into a long-term power purchase agreement with the Solar Energy Corporation of India at a rate of Rs 2.53 (3.49 ¢) per kilowatt hour. The transaction would be valued at around 10 billion rupees (US $ 134 million). Adani also acquired a 50 megawatt project in Telangana. The project was previously owned and commissioned by Toronto-based SkyPower Global.
Greenko plans $ 4.8 billion pumped storage project
Greenko plans to invest US $ 4.3 billion to set up a solar-wind hybrid project supported by pumped hydraulic storage in the northern state of Rajasthan. The project is expected to be completed by 2024 and will be the world’s largest renewable energy asset, the company said. Greenko announced the plans following incentives offered by the government of Rajasthan for hybrid and storage-based renewable energy projects. This is the third pumped hydraulic storage project announced by Greenko. He is working on similar projects in the southern states of Andhra Pradesh and Karnataka.
Greenko raises $ 940 million with green bond
Greenko Energy Holdings announced that it had raised $ 940 million through the issuance of green bonds priced at 3.85%. The bond was rated “Ba1†by Moody’s Investors Service. Demand for the bond exceeded $ 2.5 billion. The proceeds from the sale of bonds are expected to be used to refinance existing credit facilities. Greenko has been among the most aggressive green bond issuers in India. It has raised around $ 4.5 billion through foreign and domestic green bond issues.
Electric transport
India’s electric vehicle finance market to reach $ 50 billion by 2030
Indian government think tank NITI Aayog and the US-based Rocky Mountain Institute have reported that India’s electric vehicle finance market could reach $ 50 billion by the end of this decade. The two agencies also noted that the capital investment needs in the electric mobility sector in India are around US $ 266 billion until 2030.
Renewable energy and batteries
NTPC to commission a 100 megawatt floating solar project soon
NTPC is expected to commission a 100 megawatt floating solar power project in the southern state of Telangana. The project will span 450 acres of the Sri Ram Sagar Reservoir. The total cost of the project is estimated at 4.2 billion rupees. Besides this project, the company is also working on two other floating solar projects in the southern states with a total capacity of 117 megawatts – a 92 megawatt project in Kerala and a 25 megawatt project in Andhra Pradesh. He is also working on a 230 megawatt ground-based solar power project in Tamil Nadu.
India Mytrah Energy plans listing in US via SPAC route
Mytrah Energy, developer of wind power projects, wants to merge with a Special Purpose Acquisition Company (SPAC) and then be publicly traded in the United States. The company is also studying possible merger opportunities with other renewable energy companies of similar size before listing. Mytrah has an operating portfolio of 2.3 gigawatts, including 1.7 gigawatts of wind power and 535 megawatts of solar power capacity. 700 additional megawatts of projects are under development.
Tata Power Announces Blockchain-Based P2P Solar Power Exchange Pilot Project
Tata Power Delhi has announced that it will work with Australian company Power Ledger to launch a pilot project allowing prosumers to trade solar power with neighboring buildings. The pilot project will cover 150 sites with prosumers with rooftop solar power systems selling excess electricity to neighboring residential and commercial consumers. The transaction will take place via Power Ledger’s blockchain technology which offers near real-time settlement.
India imposes 40% import duty on solar modules
The Minister of New and Renewable Energies recently announced the imposition of a basic tariff on solar cells and modules. Solar cells imported to India will benefit from a 20% duty while a 40% duty will be levied on imported modules. These duties will be imposed from April 1, 2022. The move is seen as yet another attempt by the Indian government to protect and promote Indian solar cell and module manufacturing companies. The Indian solar energy market is dominated by Chinese companies which supply 80-90% of solar modules.
India auctions 500 megawatts of solar power at US $ 3.03 per kWh
Gujarat Urja Vikas Nigam Limited issued a tender for 500 megawatt solar power in January. The capacity has been allocated to five companies. NTPC got 150 megawatts, Sprng Energy 120 megawatts, Coal India 100 megawatts, Tata Power Renewable Energy 60 megawatts and SJVN 70 megawatts. These projects were awarded at a tariff of Rs 2.20 and Rs 2.21 (US ¢ 3.03-3.04) per kilowatt hour.
India restricts module models allowed to be installed in new projects
The Ministry of New and Renewable Energy has published a list of 23 companies and the modules they manufacture. Project developers who receive projects under any government program should choose modules from this shortlist. The first list published by the government includes only Indian companies. The ministry did not say when a revised list would be released and whether international manufacturers would be included in such a list.
